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Aramco’s energy strategy should teach the West a lesson
Opinion
Upstream Saudi Arabia NOCs
Paul Hickin,
Editor-in-chief
London
17 March 2023
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Letter from London: Aramco shows the West how to have it both ways

Saudi NOC has a clear strategy on energy security and the transition, providing a lesson to the often confused West

Saudi Aramco’s energy strategy should teach the West a lesson: invest in hydrocarbons now. Not only is oil and gas crucial for near- and medium-term energy security and affordability, there is also a huge amount of money to be made that can be put towards the transition.   The oil and gas behemoth raised its capital spending by 18pc, to $37.6 bn, in 2022 and has issued guidance of $45–55bn in 2023 as it looks to add 1mn bl/d to its oil capacity by 2027 and to more than double its gas production by the end of the decade. Amin Nasser, head of the world's largest oil producer, has been repeating the same lines: the world is facing a major supply crunch as most companies are reluctant to go agai

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Also in this section
Letter from Iran: Tehran's dreams and Moscow's deceptions
Opinion
7 June 2023
Russia is making a show of support for Iran as the two nations strengthen their ties, but the promised investment may never materialise
Saharan pipeline projects must seize European opening
5 June 2023
The proposed mega-projects linking Nigeria to the Mediterranean and beyond face significant hurdles, but there are strategies that could help them advance
Asia’s NOCs chart paths to decarbonisation
5 June 2023
But none of the companies are poised to abandon oil and gas anytime soon
Exploration basins of the future
2 June 2023
Exploration has rebounded since the pandemic while also becoming more focused. Petroleum Economist looks at the basins likely to see the most upstream activity over the coming years and at developers’ investment criteria

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